Finansal gelişmişlik ve dışa açıklık ilişkisi: Türkiye özelinde ampirik bir inceleme

Year 2025, Volume: 15 Issue: 1, 358 - 371, 27.03.2025

Salim Üre , Çağatay Karaköy , Oğuzhan Demir

https://doi.org/10.30783/nevsosbilen.1512582

Abstract

Finansal gelişmişlik, sadece daha geniş finansman seçenekleri ve daha etkin risk yönetimi sunmakla kalmamakta, aynı zamanda ekonomik kaynakların daha verimli kullanılmasını ve böylece genel ekonomik verimliliği artırmayı da mümkün kılmaktadır. Uluslararası ticaret ve yatırımlar açısından bakıldığında, gelişmiş finansal sistemler, ülkelerin ve firmaların dış pazarlara açılmasına ve bu pazarlarda etkin bir şekilde rekabet etmesine olanak tanır. Bu rekabet, özellikle sermaye yoğun sektörlerde, daha yenilikçi ve teknoloji odaklı yatırımların önünü açar. Özellikle Türkiye gibi gelişmekte olan ülkelerde finansal gelişmişlik, küresel ekonomiye entegrasyon sürecinde kritik bir rol oynamaktadır. Bu çalışmada finansal gelişmişliğin, uluslararası piyasalarda rekabet eden firmalara sermaye desteği sağlayacağı ve bu yolla ülkelerin küresel ekonomiye entegrasyonunun artacağı hipotezi ile, Türkiye'de finansal gelişmişlik ve dışa açıklık arasındaki ilişki incelenmiştir. Çalışmada kullanılan veriler Uluslararası Para Fonu (IMF) veritabanından alınmıştır ve analiz dönemi 1985 ile 2021 yılları arasını kapsamaktadır. ARDL (Autoregressive Distributed Lag) modeli kullanılarak yapılan analizde, finansal kurumların ve pazarların erişimi ve derinliğini ifade eden endekslerin dışa açıklık üzerindeki etkisi değerlendirilmiştir. Analiz sonuçlarına göre, uzun dönemde finansal kurumlara ve pazarlara erişimin dışa açıklık üzerinde pozitif ve anlamlı bir etkisi olduğu görülmüş, finansal pazarların derinliğinin ise dışa açıklığı azaltıcı bir etki gösterdiği tespit edilmiştir.

Keywords

finansal gelişmişlik, dışa açıklık, ARDL

The relationship between financial development and openness: An empirical examination in Türkiye

Abstract

Financial development not only provides wider financing options and more effective risk management, but also enables more efficient use of economic resources and thus increases overall economic efficiency. In terms of international trade and investments, advanced financial systems allow countries and firms to open up to foreign markets and compete effectively in these markets. This competition paves the way for more innovative and technology-focused investments, especially in capital-intensive sectors. Especially in developing countries like Turkey, financial development plays a critical role in the integration process with the global economy. In this study, the relationship between financial development and openness in Turkey was examined with the hypothesis that financial development will provide capital support to firms competing in international markets and thus increase the integration of countries into the global economy. The data used in the study were taken from the International Monetary Fund (IMF) database and the analysis period covers the years between 1985 and 2021. In the analysis conducted using the ARDL model, the effect of financial development indicators on openness was evaluated. The analysis results show that access to financial institutions and access to financial markets have a positive and significant effect on openness in the long run. On the other hand, it is found that the depth of financial markets reduces openness in the long run. The depth of financial institutions does not have a significant effect on openness in the long run.

Keywords

financial development, openness, ARDL

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